Can Ondo’s Global Markets Take on Giants Like BlackRock in Tokenized RWA Race?
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Key Takeaways:
- Ondo launched its Global Markets platform, offering 24/7 access to tokenized real-world assets traded on US exchanges.
- Ondo ranks in the top five RWA funds, challenging giants like BlackRock with its crypto-native approach.
- RWA tokens surged 819.54% in 2024, positioning Ondo to benefit from the sector’s rapid growth.
Ondo (ONDO) has attracted considerable attention recently. Binance has been actively buying the token, suggesting a potential listing, and World Liberty Fi has also shown interest in it.
Ondo is a tokenized real-world asset (RWA) project. It facilitates the transfer of real-world assets – currencies, precious metals, real estate, etc. – onto the blockchain.
A common example of RWAs is stablecoins, which are pegged to fiat currencies like the US dollar or euro at a 1:1 ratio. So far, stablecoins have faced little competition.
Investors often turn to stablecoins during market volatility. However, Bloomberg reports that new competitors may soon emerge. Large RWA issuers like BlackRock and WisdomTree aim to attract investors with 4-5% yields.
Tether (USDT) and other major stablecoins do not offer such yields. BlackRock and WisdomTree believe that investors will shift from stablecoins to RWAs as the market evolves.
Ondo Global Markets (Ondo GM) launched on Feb. 4, 2025. The platform provides investors with access to thousands of U.S. stocks, bonds, and ETFs.
In other words, Ondo GM users can invest in RWAs traded on the NYSE and NASDAQ. This also opens up opportunities for investors outside the U.S., as some assets, like the SPDR S&P 500 ETF Trust (SPY), are not available through European brokers.
Ondo GM aims to simplify access for users, especially those unable to open brokerage accounts in U.S. jurisdictions. Additionally, the platform offers 24/7 trading of these assets.
Many experts believe Ondo’s approach could reshape the RWA market. While most projects in this sector focus on a limited number of assets, Ondo GM expands this to thousands.
However, the platform’s future development remains to be seen. Given Donald Trump’s crypto-friendly administration, Ondo may face fewer regulatory issues in the U.S., but European regulators may still impose controls on these assets.
Ondo vs. RWA Competitors
Although Ondo GM is a new product in the RWA market with no direct analogs, the project faces competition from other funds, including established financial giants.
According to rwa.xyz, Hashnote Short Duration Yield Coin (USYC) is the largest RWA fund with a market cap of $1.1 billion. In second and third place are the BlackRock USD Institutional Digital Liquidity Fund (BUILD) and Franklin OnChain U.S. Government Money Fund (FOBXX), with market caps of $636.4 million and $574.8 million, respectively.
Ondo products rank fourth and fifth by market cap, with USDY at $384.7 million and OUSG at $268.4 million.
BlackRock is one of Ondo’s main competitors and a major player in the broader RWA space.
Among the listed RWA funds, BlackRock’s BUILD has entered the top 10 stablecoins in decentralized finance (DeFi) by market capitalization. According to DeFiLlama, BUILD ranks 10th, while Ondo’s USDY is in 14th place.
BlackRock also has a strong reputation in the crypto market due to its iShares Bitcoin Trust ETF. Recently, the company’s chairman and CEO, Larry Fink, stated in an interview that the U.S. Securities and Exchange Commission (SEC) needs to accelerate the approval process for tokenized securities.
Not all funds will receive the green light if the SEC approves tokenized assets. However, given the policies of the new U.S. administration, the approval process may be easier than the spot Bitcoin approval in 2024.
Whether Ondo can surpass its competitors will depend on how well it attracts investors and scales its offerings. Ondo is a crypto-native project, while BlackRock, Franklin, and WisdomTree are institutional players. This could be an advantage, as it may appeal to crypto investors looking to enter traditional markets.
Additionally, Ondo can directly improve and adapt its network for RWAs, whereas institutional funds, most of which operate on Ethereum (ETH), have less flexibility.
If Ondo continues expanding while maintaining its advantages—and if demand for tokenized assets grows alongside favorable regulations—it could strengthen its position in the market.
RWA Market Growth
RWA is still in development, with stablecoins being the only fully established products so far. However, CoinGecko reports that the market became one of the most profitable in 2024.
AI agents led the gains with 2939.82%, followed by meme coins at 2185.11%. RWA tokens ranked third, growing by an average of 819.54% over the year.
This performance means the RWA market, though still in its early stages, has outpaced Layer 1 (L1) projects like Sui (SUI) and XRP (XRP).
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